Biolase (BIOL) Tops Q1 EPS by 3c
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Biolase (NASDAQ: BIOL) reported Q1 EPS of ($0.11), $0.03 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $4.7 million versus the consensus estimate of $4.98 million.
"Our go-to-market strategy was demonstrating meaningful progress prior to the COVID-19 pandemic, reflecting the changes we made throughout 2019 to better align our business and operating infrastructure," said Todd Norbe, President and Chief Executive Officer. "However, we had to adjust our operations in response to the closure of most dental offices during the second half of the quarter, and this business disruption had a significant negative impact on our financial results, as we sold a limited number of lasers in March, which is historically our strongest month of the quarter. In an effort to maintain our presence with key constituencies to preserve these revenue opportunities, we quickly pivoted to increasing the number of online educational forums to showcase our industry-leading products, which have been extremely well attended. Based on the enthusiasm and positive feedback received, we are hopeful that these educational events will result in additional sales leads that we can capitalize on once dentists resume their normal business practices.
"Additionally, we recently announced a partnership with an intensive care unit (ICU) equipment manufacturer to supply ICU-grade portable ventilators through BIOLASE's FDA-registered manufacturing facility. We have experienced a steady rate of activity and to date we have received over $14 million in orders."
For earnings history and earnings-related data on Biolase (BIOL) click here.
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